Publishing Sector to Boom with Data Visualization & Analytics
Introduction to Publishing Sector
Publishing sector is one of the oldest industries existing today. Gone are the days when it was being said that growing digitization will hinder the habit of reading among the people. Statistics say that on the contrary, readers across the globe are not only increasing in number but also reading more books than ever. For sure, this is a good sign for the publishing sector. But this is not the only good news for the sector, the increasing use of Data Visualization and Analytics is another.
Publishers are increasingly using Data Visualization and Analytics to help them sell their book rights internationally. As the e-book market has grown over the last few years, so has the amount of data available to online retailers and publishers. Traditionally, though, publishers have not been able to get exact user or reader statistics. The digitization of the reading experience is changing this limitation, however, and opening up a new frontier that publishers are starting to use to their advantage.
As we all know, editors and agents are responsible for evaluating each book’s potential. They base these evaluations on their professional understanding of the market fit, as well as sales numbers and reviews. Access to more data won’t substantially change this process, but by making better use of the realm of data that surrounds the reading experience, publishers will most likely be able to sell books’ international rights at a higher premium.
Publishers can improve sales material when selling the rights to include not only print runs, samples of the book, reviews and some author information, but also a detailed description of the book’s target demographic and its reading patterns. This useful data about reader insights, when processed through Data Visualization tools and solutions, will provide information on exactly who the target audience is, reducing the risk of buying international rights to books that are not a perfect fit for the publisher.
So what kind of RID could prove valuable to publishers? Even the most basic data points can be surprisingly helpful. These include finishing rate, reading time and reader demographics, as well as other books readers are consuming. Using Data Visualization tools, this data might help publishers make better suggestions for improvements to their authors, but more importantly, it will help publishers successfully sell book rights in new markets.
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